Week 1 class 2

Week 1 class 2 - Week 1 class 2 (5 min.) 1. Capital Assets...

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Week 1 class 2 (5 min.) CP 7-1 1. Capital Assets Thousand s 2. Capital assets, at cost……………………… $44,809 Less: Accumulated amortization………… (14,912 ) Capital assets, book value………………… $29,897 Book value is less than cost because accumulated amortization is subtracted from cost to compute book value.
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(10-15 min.) CP 7-4 Income Statement Revenues CORRECT Expenses UNDERSTATED Net income OVERSTATED Balance Sheet Current assets CORRECT Total liabilities CORRECT Capital assets OVERSTATED Owners’ equity OVERSTATED Total liabilities Total assets OVERSTATED and owners’ equity OVERSTATED
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(20-25 min.) P 7-1A Req. 1 ITEM LAND LAND IMPROVEMENTS BUILDING GARAGE FURNITURE (a) $810,000 $54,000 (b) 4,440 (c) 4,260 (d) 1,200 (e) $ 52,920 (f) $ 300 (g) 54,000 (h) 64,260 (i) 28,560 (j) 496,800 (k) 880,800 (l) 4,080 (m) 20,940 (n) 10,680 (o) 5,280 56,100 4,620 (p) $24,700 (q) 800 (r) 10,920* Totals $819,900 $165,000 $1,492,080 $87,180 $25,500 Computations: (a) Land:
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This note was uploaded on 10/18/2010 for the course ACF ACC220 taught by Professor Fiona during the Spring '08 term at Seneca.

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Week 1 class 2 - Week 1 class 2 (5 min.) 1. Capital Assets...

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